Quarterly Holdings

Investment Strategy

Seeks to provide investment results that match, before fees and expenses, 200% of the inverse (opposite) of the performance of the Dow Jones Industrial AverageSM on a daily basis.

Fees and Expenses

Gross Expense Ratio

1.82%

Net Expense Ratio

1.82%

Redemption Fee*

N/A

* The fund will charge shareholders a 2.00% redemption fee when they redeem shares held for ninety (90) days or less.

Fund Highlights & Applications

Employs a strategy that seeks to inversely correspond 200% to the daily performance of the underlying index

Provides an alternative to shorting individual stocks

A potential portfolio hedge against market declines due to its inverse correlation to the underlying benchmark

Distributions as of 12/17/09

Most Recent Income

$0.068476

Dividend

$0.000000

Most Recent Capital Gain

$0.068476

Distribution Yield †
(as of )

SEC 30 Day Yield ‡ (subsidized)
(as of )

SEC 30 Day Yield ‡ (unsubsidized)
(as of )

Symbols & CUSIPS

Class

Symbol

CUSIP

A

RYIDX

78355Y870

C

RYCZX

78355Y300

H

RYCWX

78355Y409

Investment Team

Team
Managed

Operations

Fund Type

Rydex

Distribution Frequency

Annual (if applicable)

Benchmark

Dow Jones Industrial Average Index

Telephone

800.820.0888

Trading Hours

Phone 09:30 AM - 3:45 PM ET
Web 09:30 AM - 3:55 PM ET

Note: Each financial intermediary may have its own rules about shares transactions, and may have earlier cut-off times for processing your transaction.

Investment Adviser

Security Investors, LLC

Distributor

Guggenheim Funds Distributors, LLC

Disclosure

Performance displayed represents past performance which is no guarantee of future results. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than original cost. Current performance may be lower or higher than the performance data quoted. Returns for performance under one year are cumulative, not annualized. Performance shown reflects maximum sales charges or contingent deferred sales charges (CDSC) as applicable. Class A-shares have a maximum sales charge of 4.75%. Class C-shares have a maximum CDSC of 1% for shares redeemed within 12 months of purchase.

Data is subject to change on a daily basis. Partial year returns are cumulative, not annualized. Returns reflect the reinvestment of dividends. The securities mentioned are provided for informational purposes only and should not be deemed as a recommendation to buy or sell.

Total annual operating expenses vary by share class. See the prospectus for information on the fees and expenses that apply to each share class.

Inverse and leveraged Funds are not suitable for all investors. •These Funds should be utilized only by investors who (a) understand the risks associated with the use of leverage, (b) understand the consequences of seeking daily leveraged investment results, (c) understand the risk of shorting, and (d) intend to actively monitor and manage their investments. •The more a Fund invests in leveraged instruments, the more the leverage will magnify any gains or losses on those investments. •Inverse Funds involve certain risks, which include increased volatility due to the Funds’ possible use of short sales of securities and derivatives, such as options and futures. •The Funds’ use of derivatives, such as futures, options and swap agreements, may expose the Funds’ shareholders to additional risks that they would not be subject to if they invested directly in the securities underlying those derivatives. •Short-selling involves increased risks and costs. You risk paying more for a security than you received from its sale. •Leveraged and inverse Funds seek to provide investment results that match the performance of a specific benchmark, before fees and expenses, on a daily basis. Because the Funds seek to track the performance of their benchmark on a daily basis, mathematical compounding, especially with respect to those Funds that use leverage as part of their investment strategy, may prevent a fund from correlating with the monthly, quarterly, annual or other period performance of its benchmark. Due to the compounding of daily returns, leveraged and inverse Funds’ returns over periods other than one day will likely differ in amount and possibly direction from the benchmark return for the same period. For those Funds that consistently apply leverage, the value of the fund’s shares will tend to increase or decrease more than the value of any increase or decrease in its benchmark index. The Funds rebalance their portfolios on a daily basis, increasing exposure in response to that day’s gains or reducing exposure in response to that day’s losses. Daily rebalancing will impair a fund’s performance if the benchmark experiences volatility. Investors should monitor their leveraged and inverse Funds’ holdings consistent with their strategies, as frequently as daily. •For more on these and other risks, please read the prospectus. •There are no assurances that any Rydex fund will achieve its objective and/or strategy. The fund is subject to active trading and tracking error risks, which may increase volatility, impact the fund’s ability to achieve its investment objective, and decrease the fund’s performance. •This fund is considered non-diversified and can invest a greater portion of its assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single security could cause greater fluctuations in the value of fund shares than would occur in a more diversified fund.

“Dow Jones,” “Dow Jones Industrial Average,” and “DJIA” are service marks of Dow Jones & Company, Inc. and have been licensed for use for certain purposes by Guggenhiem Investments and its affiliates. This product, based on the Dow Jones Industrial Average, is not sponsored, endorsed, sold or promoted by Dow Jones, and Dow Jones makes no representation regarding the advisability of investing in this product.

Read a prospectus and summary prospectus (if available) carefully before investing. It contains the
investment objectives, risks, charges, expenses and other information, which should be considered carefully before
investing. To obtain a prospectus and summary prospectus (if available)
click here or contact us.